We read recently about The Bucket List Oath on a blog written by another financial planning firm that works in a very similar way to Magenta in the North of England.

Encouraging clients to dream big; make the most out of life and pursue their passions while remaining secure and happy, is one of the most fulfilling aspects of our job.

We always have ongoing conversations with clients about what and who is most important to them, what matters most and what makes them happy. We also talk to them about the importance of setting goals with timescales to ensure that they can make the most of their time on the planet. So, the idea of encapsulating all that into The Bucket List Oath really caught my attention. Here it is! Isn’t it great?

The bucket list oath

“I solemnly swear to create memories that last a lifetime. I vow to make an impression on the world, not on the sofa. I promise to dream about unrealistic goals and make them a reality.”

– Author unknown

We encourage you to write it down; share it with your loved ones and restate it regularly at the beginning of each new year.

What is a bucket list?

Everybody has a bucket list.

Most people have it in their head and dream of one day being able to do some of the things they have thought about. However, if it’s only in our head, we probably won’t get around to doing anything because we all get distracted from what’s important by ordinary day to day living and different priorities.

A bucket list that will truly impact you, your loved ones, and allow you to make your dreams a reality, needs to be written down. You need to be held accountable, otherwise things may not get done and time will run out!

We have conversations with clients all the time about sitting down as a family, with no distractions, to discuss what they value the most, what’s truly important, and what dreams they want to turn into reality. This conversation, coupled with a pen and piece of paper, will form the foundation of a bucket list.

Bucket lists are bespoke, personal and unique. They don’t have to exclusively be about travel (but that does form a large part of them). They can include things like gifting, charity work, a sabbatical, new learning, personal growth, early retirement, taking up a new (or restarting an old) hobby, or more family time.

This bucket list can be transposed onto a financial plan which means that it can become reality. In this format we can assign budgets and time and, by giving your dreams a name, they become real and more tangible. It also means that you can be held accountable, and really push yourself to achieve the extraordinary.

Time and dreams

Unfortunately, time and dreams are negatively correlated, in that we may have lots of dreams but not enough time. No one knows how many days, months and years they have left, which is why time is so precious and must be used wisely. Sadly, some people are just unlucky and pass away before they have been given enough time.

We see people waiting too long to make their dreams a reality. Some get to do a few of the things on their bucket list and others don’t get to do any. Many feel scared about spending their money on the things they would love to do, because they are worried that they won’t have enough to spend on things they will need in the future, like healthcare. Others find it difficult to break out of a savings mentality and need someone to give them a different perspective and permission to spend their money.

With proper planning, they could achieve so much more. When people know how much they can afford to spend each year without compromising their future security, life becomes so much richer and experiences, so much more fulfilling and joyful.

With lifestyle financial planning we can help to turn dreams into reality. Our lifetime cashflow forecasts take clients through to age 100 and show how much they can afford to spend or give away on things that make them happy.

If they want more detail, we can even incorporate each bucket list entry into the cashflow on a specific date and model the outcome, providing an accurate bucket list execution plan, so that nothing gets missed or forgotten and we can squeeze as many dreams as possible into the time we have.

What’s stopping you?

Once we have written the bucket list in some order of importance, a budget set against the entries that need money to fund them and a desired timeframe, there should be nothing to stop us achieving as much as we possibly can. Health permitting, when we know what we can afford to do, we should just do it, so time doesn’t ever have the opportunity to steal our dreams.

We are lifestyle financial planners and have the skills, tools and experience to help you turn as many of the dreams on your bucket list as possible, into reality.

So…

Let’s take that oath again!

“I solemnly swear to create memories that last a lifetime. I vow to make an impression on the world, not on the sofa. I promise to dream about unrealistic goals and make them a reality.”

If you would like to find out more, please call us for a friendly chat on 01656 760670 or email hello@magentafp.com We would love to hear about your dreams for the future.